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Hello Reader,

There may be updates ahead regarding how student loans are managed, as there’s been discussion about restructuring or even eliminating the Department of Education (DOE).

Since the DOE currently oversees key aspects like loan servicing, repayment, and forgiveness programs, any changes could shift these responsibilities to other government agencies or private companies.

While the details are still unfolding, now is a great time to be proactive. Staying informed and taking small steps to prepare can help ensure you’re ready—no matter what changes come.

If you have student loans, here are two smart actions you can take:

• First, prepare for any upcoming shifts.
• Second, continue making progress on your repayment goals.

Here’s how you can take practical steps to manage your student loans with more clarity and peace of mind:

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1. Understand your loan

When you understand your loan, like knowing the side streets during rush hour, you’re less likely to run into complications or make errors. Key information to know includes:

• Your loan type
• Your loan servicer (the company that manages your loan)
• The amount you initially borrowed before interest
• Your current balance
• Your interest rate and whether it’s fixed or variable
• Payment due dates

We know that reviewing this info and reminding yourself you're in debt isn’t fun. However, if any changes occur with loan servicers, interest rates, and repayment terms, knowing all your loan information will make transitions easier.

If you already know how things are supposed to be, you’re less likely to know when something seems off, you’ll know who to contact if anything changes, and you can adjust your budget accordingly.

2. Download and save your loan records

Make sure you have a record of everything by downloading your loan information. Log in to StudentAid.gov and download your loan data file (NSLDS file). This includes your balance, loan types, servicer, and payment history.

Additionally, download your monthly statements from your servicer’s portal and save everything to a secure file on your computer or hard drive.

3. Keep track of PSLF and IDR progress

If you're part of Public Service Loan Forgiveness (PSLF) or using Income-Driven Repayment (IDR), be sure to save your qualifying payment and certification forms.

Also, take screenshots of your progress reports, especially during periods of servicing disruption. Having photo evidence will help keep your repayment on track.

4. Verify your loan servicer’s contact info

You may not want to know more about the people you owe money to, but in this case, it’s essential. Keep your loan servicer’s name, contact information, and a point of contact on file. That way, if anything changes, you know who to call.

You can find your federal student loan servicer by logging into your Federal Student Aid account. If you have private loans, contact your lender directly.

5. Watch for program changes

With pending changes, there’s likely to be both accurate and misleading information floating around. Avoid unnecessary panic by monitoring updates from the Department of Education. Bookmark their website and sign up for their newsletters.

Always verify any claims you see on social media and make sure your information is coming from reliable sources.

6. Be wary of scams

Scammers prey on confusion and stress. Stay alert. Here’s how to protect yourself:

• Never share your FSA ID, Social Security number, or banking details with unsolicited callers, emails, or text messages.
• Only use official websites like StudentAid.gov for federal student loan management.
• Double-check that you’re interacting with your verified loan servicer. Look for official websites and verified communication channels.
• Be cautious of similar-looking websites or third-party services pretending to be official.
• If you receive a suspicious email or link, don’t click it. Contact your servicer directly to confirm.

7. Make debt payoff a priority

Hopefully, as you’re reading, you’re starting to feel more prepared. But let’s be honest, there’s still a part of you that wishes you didn’t have to deal with student loans at all.

To save yourself future hassle, we recommend focusing on paying off your student loans as quickly as possible.

Here are a few strategies to speed up repayment:

Cut unnecessary expenses

Review your monthly budget and identify where you can reduce spending. This might include dining out less and creating a meal plan to eat a home. You could also cancel unused subscriptions or shop store-brand items. Every dollar saved can go toward your loan.

Take on a side hustle

Freelance, deliver food, sell crafts, or offer services like tutoring or dog walking, there are many opportunities to start a side hustle. ​

Once you get your business up and running, create a system to put any extra money you earn from your side hustle towards your loan payments. This could be funneling funds from your side hustle into a separate account or automating your payments.

Optimize your budget

Create or adjust your budget so you can start paying more than the minimum on your student loans. This might be lowering your budget for shopping and putting an extra $20 or $50 towards your loan payment.

If you use a percentage style budget, consider where 70% goes to expenses, 20% to savings, and 10% to debt payments, consider an adjustment of 60% to expenses, 10% savings, and 30% towards debt.

Research forgiveness programs

Look into federal and state forgiveness programs. Even if you don’t qualify, it’s worth understanding your options.

Create a repayment plan

A debt repayment plan is the best way to ensure you stay focus on your goal of eliminating your student loan debt. Follow these steps to create your plan.

• A list of all loans
• A realistic payoff date
• Extra payment amounts
• Automated payments
• Regular check-ins on your progress

Living debt-free is possible with time, patience, and strategy.

Since the start of the year, there have been many changes within the U.S. government. Even here at Clever Girl Finance have felt overwhelmed at times. But the most important thing to remember is what you can control.

No matter what happens in the economy, you can control how you spend your time, what you focus on, and how you manage your money.

Focus on what you can do, and you’ll be better equipped to handle whatever changes come. And remember, we’re here to help you along your financial journey.

Need more support? Enroll in our free course on mastering your student loans!

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📰 Interesting financial news

• Getting to Europe is cheaper this summer — but everything costs more when you’re there. (CNBC)
• ​Refinance applications surge as mortgage interest rates tick down. (USA Today)

📈 What’s popping in the stock market

• ​Uber shares climb to all-time high amid expanding services.(Ticker Symbol: UBER)
• ​Roblox Stock Jumped Almost 21% Higher in June. (Ticker Symbol: RBLX)

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📺 On YouTube

Check out this YouTube video on 7 essential things to do as soon as you get paid!​

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📖 On the blog

• ​How do student loans work?​
• ​What is capitalized interest on student debt?​
• ​Is debt consolidation a good idea?​

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